KeyBanc raised the firm’s price target on Howmet Aerospace to $90 from $70 and keeps an Overweight rating on the shares following a stronger than expected Q1. As the firm expected, 2024 incremental margins are coming in higher than normal given nearly full drop down of pricing; improved labor efficiencies across the aerospace business following inefficiencies and greater relative headcount additions in 2023; falling aluminum prices for Forged Wheels; and beginning stages of the wide body pull for higher production in 2025-2026.
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